Giant whale dumps over $100 million in Bitcoin

On Wednesday, the US Department of Labor released October inflation data. The U.S. Consumer Price (CPI) index rose 6.2% in October from the same period last year, the fastest increase since 1990. Excluding the volatile food and energy sectors, core inflation rose by 4.6%, the highest level since August 1991. The new data exceeded market expectations and continued to arouse investor concerns about rising inflation.

Cryptocurrency traders pay close attention to inflation. According to the data from the push terminal, within an hour after the report was released, the price of Bitcoin (BTC) rose by nearly $3,000. Set a record high of US$68,950.

However, shortly after reaching the new milestone, investors began to take profits. As a result, the price of BTC dropped by nearly US$7,000 and once fell below US$63,000.

The behemoth whale that has been sleeping for many years sells?

Blockchain tracker found that on the same day Bitcoin hit a record high, the wallet address that had been “sleeping” for eight years and four months “waked up” for the first time. The address was originally created on July 10, 2013 and contained approximately 2,207.60 BTC (valued at approximately US$294,287 at the time). On Wednesday, these bitcoins were transferred, and their value at this time has risen to 129 million US dollars, which means that these tokens have appreciated by more than 510 times during this time period.

Bitcoin fell below $63,000. According to Bybt’s data, in the past 24 hours, 171,204 traders were liquidated, with a liquidation amount exceeding US$750 million. 81% of liquidation came from long positions, most of which occurred on Binance. At the same time, the largest single clearing order occurred at Bitmex with a face value of US$65.66 million.

Investors maintain confidence

Although the current downward trend is shocking, a slight correction after hitting a new all-time high is Bitcoin’s consistent trend. Most experts predict that BTC may return to the lower support level of $64,000 and below, and then regain its bullish momentum and move higher.

According to Glassnode, “Investor confidence seems to be at the highest level in history” and pointed out that the exchange’s Bitcoin balance has been declining in recent weeks: “Due to the continued outflow from the exchange, the total BTC exchange balance has fallen to the circulating supply. 12.9% of the multi-year low.” This indicator shows that most investors have no selling plans for the time being.


In addition, industry insiders are optimistic about the upcoming major technology upgrade Taproot may continue to help Bitcoin rise. As early as August, DCG CEO Barry Silbert stated that “US$100,000 is the only way for Bitcoin.” Bloomberg senior strategist Mike McGlone also believes that Bitcoin will hardly encounter resistance on its way up to $100,000.

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